In 2019 UK exports to the non-EU world grew NINE TIMES faster than to EU27
The UK had a massive trade SURPLUS with the world, but a massive trade DEFICIT with the EU
Brexit Britain’s future is bright and it’s out there in the World, not in the EU. Analysed latest trade figures published by the Department for International Trade, which came out on Friday (19 June 2020) makes it quite plain that the UK is on to a winner.
Below I present the starkest, simplest, and most revealing summary of the UK’s trade position you are likely to read this year.
The UK’s non-EU exports of goods and services are £100bn larger than our EU exports
and are growing NINE TIMES faster
UK exports of goods and services to the (non-EU) world: £398.3bn
Annual growth in non-EU exports: +10.7%
Non-EU exports: 57% of the total, and growing fast
The UK’s EU27 exports are £100bn smaller than non-EU exports and are growing very slowly
Exports of goods and services to the EU27: £300.3bn
Annual growth in EU27 exports: +1.2%
EU exports: 43% of the total, and falling
What about the balance of trade?
Where does the UK earn money and where does it lose it?
UK’s trade SURPLUS with the non-EU world: +£46.0bn
This increased by 27.1% in 2019 alone
UK’s trade DEFICIT with the EU27: £71.9bn
This worsened by 8.9% in 2019 alone
The UK’s largest trade SURPLUS in 2019 was with the United States, where we exported £47.1 billion more than we imported in goods and services. The UK’s largest trade deficit was with Germany, where we exported £19.3 billion less than we imported.
What about the balance of payments with the EU and with the rest of the world?
In 2019, the UK had a current account DEFICIT with the EU of £109.9 billion
That’s almost -£110 BILLION, IN ONE YEAR
The UK had a current account SURPLUS of £26.1 billion with the rest of the world
How many UK businesses actually export?
According to the latest information (for 2018) from the ONS:-
4.8% of businesses export goods globally (116,500)
6.0% of businesses export services globally (145,500)
9.6% of all businesses export goods or services (233,900)
Statistical note: All the above relates to goods and services for the calendar year 2019. All data comes from official sources, including the Office for National Statistics (ONS), HM Revenue and Customs (HMRC), Department for International Trade (DIT), and the Organisation for Economic Co-operation and Development (OECD).
Is the World ready?
In the last month, serious negotiations have started with Japan, Australia and New Zealand, and they continue with the USA. These talks are in effect continuations of the talks started by the Rt Hon Liam Fox MP when he was head of the Dept for International Trade.
The new boss there is Liz Truss, supported by Greg Hands.
What’s it really all about?
During the 2016 EU Referendum, the official “Stronger In” campaign — backed by the Cameron/Osborne government and the entire British and Global Establishment — sought to argue on economics. Well, that and an imminent World War Three, and plagues of locusts landing in the Home Counties.
In reality, the argument which resonated with real voters was of course about the seemingly-inexorable dis-empowerment of the British nation by an over-reaching, dysfunctional, and unelected Eurocracy of frankly mediocre and overpaid officials in Brussels.
Nevertheless, the official Remain campaign chose to focus on the economy.
How has the UK’s trade been with the EU27 over the last 10 years?
One of the great ironies of the last four years since the Referendum, during which we British people have had to endure the most appalling behaviour by ‘the elites’ in Westminster, in the media, in think-tanks, in the luvvie world and elsewhere, has been that the Remain side got it so wrong on one of the main areas they focused on — trade and the economy.
Amazingly, this battle is not yet over. Despite producing otherwise excellent figures last week, some civil servant at the Dept for International Trade still manages to write the following:
“The relative importance of the EU as an export market has declined slightly over the last decade. In 2019, the share of UK exports going to the EU was 43.0% compared to 48.3% in 2009.”
The figures are correct. The characterisation is pure Remainer drivel. To describe a fall in the EU’s share of the UK exports market from 48.3% to 43.0% as “slight” is not only absurd, it is a serious falsehood. It was very disappointing to read this, amongst so much good work.
When will Remainer civil servants and others finally give up the fight, admit they were wrong, and get behind Great Brexit Britain? How long is a piece of string would be my answer as they have no intention of getting behind Britain?
Sources: Office for National Statistics (ONS), HM Revenue and Customs (HMRC), Department for International Trade (DIT), and the Organisation for Economic Co-operation and Development (OECD)